Artificial intelligence (AI) needs more than chips. It needs power plants, copper wiring, substations, steel, fuel, cooling systems, backup equipment, and massive amounts of industrial infrastructure. That’s why some of the best Canadian AI-related stocks may not look like technology companies at all.
Cameco (TSX: CCO), Lundin Mining (TSX: LUN), and Russel Metals (TSX: RUS) could all help power the AI data centre surge in different ways. Together, they show how physical the AI boom has become.
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CCO
Data centres use enormous amounts of electricity, and that demand is pushing governments and companies to rethink long-term power supply. Renewable energy will play a role, and natural gas will too, but nuclear power keeps moving back into the conversation as it can provide reliable power. In fact, Canada’s new nuclear strategy sets out a goal of building up to 10 new large-scale nuclear reactors, with two under construction by 2035 and five more in planning or development by 2040.
That puts Cameco stock in an interesting position. The company is one of the world’s major uranium producers and also holds a stake in Westinghouse, a key nuclear services and technology business. In the first quarter of 2026, Cameco stock reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $509 million. Its uranium segment alone delivered adjusted EBITDA of $423 million.
The long-term demand picture also looks better than it did a decade ago. Cameco stock has contracts in place for average annual uranium deliveries of more than 28 million pounds over the next five years. If utilities, governments, and large technology companies keep looking at nuclear as part of the answer to AI power demand, Cameco stock could remain a major beneficiary.
LUN
Lundin Mining gives investors a different angle: copper. Data centres need copper for electrical wiring, power distribution, cooling systems, transformers, grid connections, and backup power infrastructure. The more electricity a facility uses, the more important copper becomes.
Lundin produced 79,934 tonnes of copper in the first quarter of 2026. Revenue reached $1.16 billion, helped by strong realized copper prices. The company also reported adjusted EBITDA of $626.7 million and free cash flow from operations of $379.7 million.
The growth story may be even more interesting. Lundin is advancing the Vicuña Project, which management says has the potential to rank among the top five copper, gold, and silver mines globally. That gives the company a longer-term path to becoming a larger copper producer at a time when electrification, grid expansion, electric vehicles, and AI data centres are all competing for supply.
The risk is commodity exposure. Copper prices can fall quickly if global growth weakens. Mines can also face cost inflation, permitting delays, labour issues, and political risk. Lundin offers upside, but investors should expect volatility.
RUS
Russel Metals is the least obvious AI play, which may make it the most overlooked. The company distributes metal products across North America through metal service centres, energy field stores, and steel distribution. It doesn’t build data centres directly. But construction projects need steel, aluminum, plate, tubing, beams, and value-added processing.
Russel reported record first-quarter 2026 revenue of $1.42 billion. EBITDA reached $124 million, up 44% from last year. The company also raised its quarterly dividend to $0.44 per share, marking its fourth consecutive year of dividend increases.
Russel expects to benefit over the medium term from U.S. industrial manufacturing, Canadian nation-building projects, and infrastructure investments in areas such as data centres. That gives the stock a practical link to the buildout rather than just a loose AI label.
The risk is cyclicality. Steel prices, tariffs, industrial demand, and margins can all move against the company. Russel is not a smooth compounder every year. But with a stronger U.S. footprint, a rising dividend, and exposure to infrastructure spending, it deserves more attention.
Bottom line
Cameco stock, Lundin, and Russel Metals won’t move like software stocks. They sit closer to the pipes, wires, fuel, and materials AI needs before a single server can run. For investors looking beyond the obvious names, these three Canadian stocks could help power the next phase of the AI data centre boom.
